(NY Times Dealbook) Charities Struggle With Smaller Wall Street Donations

Posted by Kendall Harmon

Operation Hope built a nonprofit powerhouse over the last decade, spinning a stockpile of donations from Wall Street firms into 27 financial education centers across the country.

But the charitable organization’s donor base has retrenched in the wake of the financial crisis. Citigroup’s foundation last year cut its giving 60 percent, to $115,000. The ING Foundation delayed paying its $300,000 commitment to Operation Hope. And the CIT Group, a lender that was once one of the organization’s biggest benefactors, stopped giving altogether.

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Filed under: * Culture-WatchCharities/Non-Profit Organizations* Economics, PoliticsEconomyConsumer/consumer spendingCorporations/Corporate LifeStock MarketThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--

Posted August 31, 2011 at 12:02 am [Printer Friendly] [Print w/ comments]

1. John Wilkins wrote:

They make record profits, and enjoy minimal taxes.  The myth is that with tax cuts people become more generous to charities.  My bet is that it’s the reverse.

August 31, 8:13 pm | [comment link]
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